EARNINGS

Kellogg’s 2nd-Quarter Earnings Drop 44%: The Battle Creek, Mich.-based cereal maker said the recent price wars cut into its cereal sales. Profit from operations fell to $95 million, or 45 cents a share, from $168.9 million, or 77 cents, a year earlier, matching estimates. Unit sales fell 2% after Philip Morris Cos. slashed prices on its Post and Nabisco cereals. Kellogg Co., the world’s largest cereal maker, responded with its own price cuts. Because most of the price cuts started within the last month, it’s too soon to determine their impact. Shares in Kellogg rose 25 cents to $73.875.